Initiation of Prize Bond scheme in Pakistan:
In this blog, you’ll get an absolute description of the prize bond scheme initiation in Pakistan. We will bring the detail on the evolution of Prize bonds in Pakistan. Moreover, we’ll discuss its historical perspective too. Keep reading.
In Pakistan, a Minister brought the scheme of the Prize bond in October 1960. A prize bond of Rs 10 was the first prize bond to be issued. The Central Directorate of National Saving Pakistan (CDNSP) is managing this organization from then till now. This organization works under the Ministry of Finance, in coordination with the Government of Pakistan.
Gen. K.M. Sheikh, who was a Minister back then, was the man who inaugurated this scheme. Also, he was remembered as the first person to buy a Prize bond in Pakistan.
Previous denominations of Prize bonds:
In the past, the following denominations of Prize bonds were available:
- Rs 5 prize bond.
- Rs 11 prize bond.
- Rs 50 prize bond.
- Rs 100 prize bond.
- Rs 500 prize bond.
- Rs 1,000 prize bond.
- Rs 5,000 prize bond.
- Rs 10,000 prize bond.
- Rs 25,000 prize bond.
The draw of each denomination is held after three months. 1st Draw of Bond Rs 10 held in January 1961. Till now, the trend continued.
Denominations Are Available Nowadays:
In the past, many denominations were available, but now govt of Pakistan has discontinued to seven (07) Denominations available nowadays are in the list as follow:
- Rs 100 prize bond.
- Rs 200 prize bond.
- Rs 750 prize bond.
- Rs 1,500 prize bond.
- Rs 7,500 prize bond.
- Rs 15,000 prize bond.
- Rs 40,000 premium bond.
Historical Background of Prize Bond Scheme:
Prize Bond scheme was started in Sub-continent back on 15 January 1944. After the separation, this scheme was initiated in Pakistan.
The Utilization of Prize bonds:
A prize bond scheme is a just way to test your luck. People buy prize bonds with the hope that they will get the prize money one day. The winners have a chance to utilize this prize bond winning money to upgrade their living standards.
Conclusion National Prize Bond Scheme Initiated:
We’ve tried our best to notify you about each n every detail of the prize bond initiation. In this blog, you will get when & who started the prize bond scheme in Pakistan. Also, there is a short description of the previous & current denominations.